Accounts receivable Essays & Research Papers

Best Accounts receivable Essays

  • Account Receivable - 1140 Words
    Financial Accounting Week 3 Lecture Summary Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid, which means it is expected that they will be converted into cash quickly, and are classified as current assets. Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills...
    1,140 Words | 10 Pages
  • Accounts Receivable - 341 Words
    Background of the Project The company was founded on February 11, 2009 with the Mission: To change the riding culture of a sports motorcycle enthusiast, and Vision: To become the number one sports motorcycle distributor in the country. With Filipino sports motorcycle enthusiasts’ desire and with VAMA’s realization, the company is using its engineering skills to make sports motorcycles reachable and affordable for everybody. Inspired by its Mission and Vision and supported by its engineering...
    341 Words | 1 Page
  • Account Receivable - 583 Words
    The Accounts Receivables has been in the 70-80 days range for several months now and has even reached above 100 days this month. Marysville General reaches its optimum cash flow when Accounts Receivables is at 55 days. As discussed at the meeting, there are several things that can be done by the medical staff, business office and the clerical department. To start, the hospital can pull a credit line to help make payroll since Marysville only has enough cash on hand to meet payroll once....
    583 Words | 2 Pages
  • Accounts Receivables - 1004 Words
    Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer's order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that...
    1,004 Words | 3 Pages
  • All Accounts receivable Essays

  • Accounts Receivable - 298 Words
    Accounts Receivable: There are several controls in accounts receivable. A thorough audit should be daily comparing the checklist and the system records in customers’ accounts. This is to ensure the payment received is applied to the right customer. A second control is to check if customers’ balances in record are true. One simple way is to send current statements to customers monthly. Customers can help identify if there is any discrepancy between their record and the account statement....
    298 Words | 1 Page
  • Accounts Receivable Audit Program
    AP-3: ⇒Audit Program for Accounts Receivable Company Balance Sheet Date | | | The company has the following general ledger accounts that are classified in the accounts, notes, or other receivables captions of the | |balance sheet:...
    6,391 Words | 37 Pages
  • Confirmation Procedure of Account Receivable
    Steps In Confirmation Process The steps in the process of confirming receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances....
    1,221 Words | 4 Pages
  • Accounts Receivable and Joan Miller
    Sub: Finance Topic: Journal Entries Question: Posting Journal entries into a worksheet ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects. The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31, 2001: Cash Accounts Receivable Fees Receivable Art Supplies Office Supplies...
    953 Words | 9 Pages
  • Accounts Receivable Turnover - 545 Words
    Accounts Receivable Turnover = Net Sales/Average Net Account Receivables Accounts receivable turnover ratio measures the effectiveness of a company in extending credit and collecting debts. It is an activity ratio that measures how efficiently a firm uses its assets. Year ABC DEF GHI Industry Average 2012 31, 053/988 = 31.43 16,842/1,282.5 = 13.13 5,160/618 = 8.35 17.64 2013 32,722/1,042 = 31.4 18,657/937 = 19.91 5,858/494 = 11.86 21.06 In this table you see the accounts receivable turnovers...
    545 Words | 3 Pages
  • Accounts Receivable and Information - 6172 Words
    chapter 1 accounting information systems: An overview Suggested Answers to Discussion Questions 1.1 The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you, or any organization, ever produce information if its expected costs exceeded its benefits? If so, provide some examples. If not, why not? Most organizations produce information only if its value exceeds its cost. However, there are two...
    6,172 Words | 22 Pages
  • Accounts Receivable and Trial Balance
    Problem 3-5A Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased architectural supplies on account from Spring Green Company $1,000. 10 Completed...
    363 Words | 2 Pages
  • Total Accounts Receivable - 2282 Words
    Bradmark Wholesale General Supply ACL Case Study This paper contains the summary of the details and results of the audit tests on Bradmark’s Revenue and Expenditure Cycles. The audit tests were performed through the ACL Program. 2005 Rachelle Cultura | Trixia Ebol | Christine Fonseca Mary Rose Samas | Nadaine Tongco Ross & Specter Co. October 24, 2012 1 | P a g e REVENUE CYLCE Assessment of Internal Controls over the Revenue Cycle The assessment of Bradmark’s internal...
    2,282 Words | 8 Pages
  • Accounts Receivable and Cash Discount
     1. The two major sources of short-term financing are a) a line of credit and accounts payable b) accounts payable and accruals c) a line of credit and accruals d) accounts receivable and notes payable 2. Tangshan Mining was extended credit terms of 3/15 net 30 EOM. The cost of giving up the cash discount, assuming payment would be made on the last day of the credit period, would be(assume that working days are 365 days) a) 75.26%. b) 18.56%. c) 72.99% d) 37.12% 3. 1/15 net 30...
    268 Words | 1 Page
  • Accounts Receivable Crisis - 893 Words
    Matthew Smith Week 2 You Decide Assignment Accounts Receivable Crisis 09/05/11 Instructor: Eric Oestman Class: HS543 I. INTRODUCTION: After conducting a meeting with the medical staff, various clinical departments, Health Information Management, and Business office personnel regarding Accounts Receivable issues within our facility, it was determined that many different areas of concern needed to be addressed. This includes problems with patient admission and registration...
    893 Words | 3 Pages
  • ACCOUNT RECEIVABLE MANAGEMENT - 3656 Words
     REPORT ON ACCOUNT RECEIVABLE MANAGEMENT TATA STEEL Prepared by www.AssignmentPoint.com Date: 21-05-202 EXECUTIVE SUMMARY The project deals in “account receivable management at Tata Steel”. Receivable management is one of the most important aspects of the organization, as it deals with the management of the outstanding. The profit of the company mainly depends on the accounts receivables. Therefore it needs a careful analysis and proper management. Debtors occupy an...
    3,656 Words | 19 Pages
  • Accounts Receivable and Correct Marks
    1 Marks: 5 Which of the following events involves an accrual? Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | | Correct Marks for this submission: 5/5. Question 2 Marks: 5 Which resource provider typically receives first priority when resources are...
    1,026 Words | 7 Pages
  • Accounts Receivable and Click Update
    Create a partnership form of business Daily Express Supplies owned by you. The business started its operation January 2014 with its address at 111 Solchuaga St., Makati City, ZIP 1204, Philippines. Other details are Internet Ad - www.dailyexpress.com, Printing Header - Daily Express Supplies, Active Manager - Mr. Alfredo Salvador, Jr., Tel 1 -28401212, Tel 2 – 27400000, Fax - 27400000, Email - dailyexpress@webmail.com. Its main business is to supply school items for students. Do the...
    3,592 Words | 17 Pages
  • Hershey's Account Receivables Analysis
    HSY has slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients, McLane and Wal-Mart, its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account...
    458 Words | 2 Pages
  • Aging Schedule of Accounts Receivable
    ANSWERS TO QUESTIONS: 1. Table 1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20,000 | 19.59 % | 16-30 days | 30,000 | 29.39 | 31-60 days | 40,000 | 39.19 | 61-90 days | 10,000 | 9.80 | Beyond 90 days | 2,071 | 2.03 | TOTAL | $ 102,071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio, we turn to their average collection period (ACP) and aging...
    1,408 Words | 5 Pages
  • Related Literature of Accounts Receivable
    Chapter II Review of Related Literature and Related Studies Related Literature Accounts receivable describes the amount of cash, goods, or services owed to a business by a client or customer. The manner, in which the collection of outstanding bills is handled, especially in a small business, can be a pivotal factor in determining a company's profitability. Getting the sale is the first step of the cash flow process, but all the sales in the world are of little use if monetary compensation...
    647 Words | 2 Pages
  • Accounts Receivable and Check Voucher No.
    2011 June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1,000,000 and invested merchandise inventory valued at P45,000 to start with his business. GJ Cash in Bank 1,000,000 Merchandise Inventory 45,000 E. Detoya, Capital 1,045,000 Initial Investment June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150,000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001. CDJ Store...
    1,197 Words | 7 Pages
  • Accounts Receivable and Franklin Company
    The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary...
    616 Words | 2 Pages
  • Accounts Receivable and Debit Credit
    The trial balance of Sam Mitchell, CPA, P.C., is dated January 31, 2012: [pic] .:. During February, Mitchell or his business completed the following transactions: Feb 4 Collected $4,000 cash from a client on account. 8 Performed tax services for a client on account, $4,600. 13 Paid business debt on account, $2,400. 18 Purchased office supplies on account, $900. 20 Paid cash dividends of $2,200. 21 Mitchell paid for a deck for his private residence using personal funds, $8,000. 22...
    631 Words | 8 Pages
  • Accounts Receivable and Increase - 2652 Words
    Question 1 Complete Mark 0.00 out of 1.00 Flag question Question text The effect on the accounting equation of the business buying a computer worth $900, paying $450 cash and owing $450 to be paid in 30 days' time is: Select one: a. decrease the asset computers, increase the asset cash, decrease the liability accounts payable. b. increase the asset computers, increase the asset cash, decrease the liability accounts payable. c. increase the asset computers, decrease the asset cash, increase...
    2,652 Words | 13 Pages
  • Accounts Receivable and Blades - 781 Words
    1. Assuming that banks in Thailand issue a time draft on behalf of Sports Equipment Inc. and Major Leagues Inc., would Blades receive payment for its roller blades before it delivers them? Do the banks issuing the time drafts guarantee payment on behalf of the Thai retailers if they default on the payment? ANSWER: No, Blades would not receive payment before it delivers roller blades to Sports Equipment Inc. and Major Leagues Inc. if banks in Thailand issue a time draft on the retailers’...
    781 Words | 3 Pages
  • Accounts Receivable and Merchandise Inventory
    P5-4A J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April. (a) General Journal J1 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit...
    486 Words | 7 Pages
  • Jones: Accounts Receivable - 878 Words
    QUESTION 2 Jones Electrical, though having more rapid growth and expected to increase in future would need more than 250,000 to meet his needs. First of all he has to repay his ex partner after buying him out. Jones bought Dave Verdent, his former business partner out for $250,000. 00. His repayment plan was a $2000.00 per month with 8% interest per annum. The interest rate he is paying is relatively high and this means it will take Jones over ten years to repay this loan with an interest...
    878 Words | 3 Pages
  • ACCOUNTS RECEIVABLES MANAGEMENT - 5846 Words
    Chapter-V Accounts Receivable Management • Introduction • Goals of Receivable Management • Credit Management • Optimum Credit Policy • Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form customers (book debts) or debtors as a result of selling goods on credit. “The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.” The three characteristics of...
    5,846 Words | 44 Pages
  • Study Guide: Accounts Receivable
     True / False Questions 1. Credit sales transfer products and services to a customer today while bearing the risk of collecting payment from that customer in the future. True False 2. At the time of a credit sale, a company would record an increase in assets and an increase in revenues. True False 3. A sale on account is recorded as a debit to revenue and a credit to accounts receivable. True False 4. Accounts receivable represent the amount of cash owed to the company by...
    14,932 Words | 105 Pages
  • Accounts Receivable and Sales Orders
    Week Four ACC/491 February 10, 2012 Santos Alarcon Jr. Memorandum To: Audit File CC: Santos Alarcon, Jr. From: B Team Date: 5/12/2012 Re: Apollo Accounting and Control Systems: Revenue and Collection Cycle Details of Control Issues Encountered in the Revenue and Collection Cycle Objectives: Apollo’s control procedures were tested to obtain control evidence about the validity, authorization, accuracy, and proper period recording of recorded sales. The accuracy of...
    2,303 Words | 8 Pages
  • Accounts Receivable and Factoring Transformation
    ‘Factoring – Transformation from nascent stage to growing stage in India By Chandrima Das’ INC Faculty – Nagpur Abstract :- A brief concept of factoring . Its Start up time , Its advantages and disadvantages .The reason for factoring gaining its importance day by day . Nascent stage of factoring in India ,but slowly increasing its edge and importance .How the increasing competitive mindset helping factoring to spread its arm in the banking sector .A study on who are the players in...
    451 Words | 2 Pages
  • Accounts Receivable and Office Furniture
    gdfdfd I'm stuck on what to put in for cash and accounts payable This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $31,065 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $6,687, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $12,887 (not paid by Petty at this time). Oct. 10 Receives cash of $1,205 as...
    407 Words | 3 Pages
  • chapter 9 accounts receivable
    CHAPTER 9 ACCOUNTING FOR RECEIVABLES SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT 5 5 5 5 9 9 1 3 K AP K K K K K K 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136. 137. 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 7 7 8 K K K AP AP AP AP K K K C...
    15,288 Words | 167 Pages
  • Accounts Receivable and Acquisitions Journal
    Part E Acquisitions Substantive Tests of Transactions | | | | TRANSACTION-RELATED AUDIT OBJECTIVES | SUBSTANTIVE AUDIT PROCEDURES | Occurrence | * Compare prices on vendor invoices with approved price limits established by management. * Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. | Completeness | * Trace a sample of receiving reports to the acquisitions journal. * Trace from a file of vendors'...
    319 Words | 2 Pages
  • Accounts Receivable Management - 11531 Words
    AN EVALUATION OF ACCOUNTS RECEIVABLE MANAGEMENT BY MANUFACTURING FIRMS IN NAKURU MUNICIPALITY [pic] RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE IN BACHELOR OF COMMERCE (ACCOUNTING OPTION) SCHOOL OF BUSINESS KABARAK UNIVERSITY APRIL 2008 DECLARATION This research project is our original work and has not been presented for the award of any diploma or degree in any other university or college or any other institution of...
    11,531 Words | 54 Pages
  • General: Accounts Receivable and Cash
    2-3 Use the information in each of the following separate cases to calculate the unknown amount: a. During October, Shandra Company had $97,500 of cash receipts and $101,250 of cash disbursements. The October 31 Cash balance was $16,800. Determine how much cash the company had at the close of business on September 30. b. On September 30, Li Ming Co. had a $97,500 balance in Accounts Receivable. During October, the company collected $88,950 from its credit customers. The October 31 balance...
    600 Words | 2 Pages
  • Accounting: Accounts Receivable and Voucher
    Unit 5 Assignment Instructions Indicate whether each of the procedures of internal control represents: (1) a strength or (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk. For each letter A through H you should have at least a one paragraph answer. a. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer. I think that this would be weak internal control because...
    892 Words | 3 Pages
  • Accounts Receivable and Sales Return
    a. What is account receivable? Credit sales, sales on account b. How do accounts receivable differ from notes receivable? Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money, usually including interest, at a future date. c. What is a contra asset? An account which offsets another account. A contra-asset...
    435 Words | 3 Pages
  • Accounts Receivable Management - 827 Words
    Accounts Receivable Management Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services. They are generally expected to be collected within thirty to sixty days and are the most significant type of claim held by a company. There are two costs associated with extending credit to customers: 1. The cost of the selling company not being able to deposit the monetary value of a completed sale in its bank that is, as a result of not collecting...
    827 Words | 3 Pages
  • Accounts Receivable and Internal Control
    Assignment Please note you have three assignments for this week. The case study, the weekly assignment and continue working on the final draft for the individual research project. Case Study (Knapp book): Dollar General Stores Questions 1-4 Weekly Assignment: Textbook (Boynton book): Complete and submit the following questions for grading: 14-26 14-28 15-23 15-27 16-24 16-33 14-26 (Analytical procedures) the following data was taken from the production and accounting records for...
    1,485 Words | 10 Pages
  • Accounts Receivable and Income Statement
    Based on the analytical procedures calculated in parts a. and b., summarize your observations about Pinnacle's business, including your assessment of the client's business risk. d. Go to the Pinnacle link on the textbook Web site (www.prenhall.com/arens) and open the Pinnacle income statement, which is located in the Pinnacle Income Statement worksheet of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use...
    265 Words | 1 Page
  • Detailed List of Accounts Receivable
    SCAN DETAILED LIST OF ACCOUNTS RECEIVABLE (4). 4. Scan the detailed list of trade accounts receivable and investigate significant unusual items (e.g., credit balances and zero balances). Done by Date ..../../.. GUIDANCE: When scanning the detailed list of accounts receivable (aged by customer, if practicable), the auditor should be...
    384 Words | 2 Pages
  • Compute Net Accounts Receivable
    Question 1 For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging...
    383 Words | 3 Pages
  • Receivables - 653 Words
    RELATED LITERATURE Receivables are one of the three primary components of working capital, the other being inventory and cash. Receivables occupy second important place after inventories and thereby constitute a substantial portion of current assets in several firms. The capital invested in receivables is almost of the same amount as that invested in cash and inventories. Receivables thus, form about one third of current assets in India. Receivables provide protection to sales from...
    653 Words | 2 Pages
  • Accounts Receivable and Extermination Services Revenue
    Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2011. BUG-OFF EXTERMINATORS December 31, 2011 Unadjusted Trial Balance Cash 17,000 Accounts receivable 4,000 Allowance for doubtful accounts 828 Merchandise inventory 11,700 Trucks 32,000 Accum. depreciation-Trucks - Equipment 45,000 Accum. depreciation-Equipment 12,200...
    780 Words | 3 Pages
  • AP 15 Accounts Receivable And Sales
    Form AP 15 Index Reference__________ Audit Program for Accounts Receivable and Sales Legal Company Name Client: Balance Sheet Date: Instructions: The auditor should refer to the audit planning documentation to gain an understanding of the financial reporting system and the planned extent of testing for accounts receivable and sales. Modification to the auditing procedures listed below may be necessary in order to achieve the audit objectives. [Note: Transfer of receivables is not addressed in...
    1,677 Words | 9 Pages
  • Pinnacle: Accounts Receivable and Master File
    Pinnacle Manufacturing: Part V A.B and C |No. | Key Internal Control |Transaction Related Audit Objectives | Test of Control |Substantive Test of Transaction | |1. |Segragation of the purchasing, receiving | Recorded cash payments are for goods and services actually |Adequate segragation of duties and |Trace the entries in the acquisitions journale to | | |and cash payment...
    811 Words | 5 Pages
  • Accounts Receivable and Debit Credit Balance
    General Journal J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20,000 May. 1 Common stock 311 20,000 (Issued shares of stock for cash) 3 Supplies 126 1,500 Accounts Payable 201...
    385 Words | 4 Pages
  • Pinnacle: Accounts Receivable and Master File
    Key Controls | Transaction-Related Audit Objective | Test of Control | Substantive Test of Transaction | 1. Segregation of the purchasing, receiving, and cash disbursements functions. | Job responsibilities are correctly divided amongst personnel (classification). | Employ different personnel and have sign offs to ensure that no one person is performing multiple functions to prevent any types of fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper...
    1,166 Words | 5 Pages
  • Quiz: Accounts Receivable and Trial Balance
    Accounting Principles Quiz 1 Instructions: This quiz consists of 3 problem sets. You will have one full hour for this test. Read each question carefully and answer what is being asked on the answer sheet. Part A: Prepare an income statement, an owner's equity statement, and a balance sheet for the dental practice of Carl Craft, DDS, from the items listed below for the month of September. Carl Craft, Capital, September 1 $40,000 Accounts payable 7,000 Equipment 30,000 Service...
    437 Words | 3 Pages
  • Accounts Receivable and Debt-to-equity Ratio
    To: Audit partner From: Sajan Shrestha (manager) Date: 4/20/14 Subject: Identification of factors influencing risks and the relationship of risks to audit evidence After performing preliminary analytical procedures and planning activities for Pinnacle Manufacturing, I have found several factors influencing inherent risks and acceptable audit risk. I have categorized the determinants of acceptable audit risk into three different factors: external users’ reliance on financial statements,...
    1,251 Words | 5 Pages
  • Account Receivable and Dealer Information System
    Chapter 1 Introduction I- Project Context Andi’s Fashion Boutique is a small shop that sells Fashionable clothes and retail shop. The Andi’s Fashion Boutique located at Sitio Tampoco Barangay Matatalaib in Tarlac City. The Area of Andi’s Fashion Boutique was in a public place at the front of the Magic Star grocery in Matatalaib Based. It was also a lots of different Business located near the Andi’s Fashion Boutique like Drugstore, Beauty Salon and Food House. It was the only boutique in...
    5,415 Words | 16 Pages
  • Accounts Receivable and Tutor Marked Assignment
    ECO-02 Bachelor’s Degree Programme (BDP) ASSIGNMENT 2012-13 Elective Course in Commerce ECO-02: ACCOUNTANCY–1 For July 2012 and January 2013 admission cycle School of Management Studies Indira Gandhi National Open University Maidan Garhi, New Delhi-110 068 Elective Course in Commerce ECO-02: Accountancy–1 ASSIGNMENT – 2012-13 Dear Students, As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this Course. Assignment is given 30% weightage in the...
    825 Words | 3 Pages
  • Accounts Receivable and Acceptable Audit Risk
    1. Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgement about materiality, and performance materiality should be made early in the audit during the planning phase. The purpose of assessing risks early is to help auditor plan the audit by deciding which parts of the audit to emphasize and the extent of testing. It helps auditors to understand the nature, timing, extent of the accounts, therefore plan a right procedure and the appropriate evidence to...
    468 Words | 2 Pages
  • Accounts Receivable and Balance Debit Credit
    Chapter 2 Recording Business Transactions Review Questions 1. The three categories of the accounting equation are assets, liabilities, and equity. Assets include Cash, Accounts Receivable, Notes Receivable, Prepaid Expenses, Land, Building, Equipment, Furniture, and Fixtures. Liabilities include Accounts Payable, Notes Payable, Accrued Liability, and Unearned Revenue. Equity includes Owner’s Capital, Owner’s Withdrawals, Revenue, and Expenses. 2. Companies need a way to organize...
    5,609 Words | 170 Pages
  • receivables - 354 Words
    Problem 1 The accounts receivable of FRANCO COMPANY were stated at P1,467,000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and, upon analysis, the asset was found to consist of the following items: Due from customers on open account P 1,125,000 Acknowledged claim for damages 22,500 Due from consignee at billed price – cost price being P22,500 30,000 Investment in and advances to affiliated company...
    354 Words | 3 Pages
  • Receivables - 1382 Words
    Topic: RECEIVABLES I. DEFINITION These represent amounts collectible from customers and others, most frequently arising from sales of merchandise, claims for money lent, or the performance of service. They may be interest bearing, collateralized, or billed. II. COMPOSITION A. Trade 1. Accounts Receivable 2. Notes Receivable B. Non-Trade 1. Advances to Officers and Employees, Affiliates and Others 2. Claims against Suppliers and...
    1,382 Words | 6 Pages
  • Receivables - 2040 Words
    THEME: ACCOUNTS PAYABLE By John W. Day, MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured, non-interest bearing current liability, owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month, perhaps you need to set up an accounts payable system. Some...
    2,040 Words | 7 Pages
  • ACCOUNT - 559 Words
    Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods, quality not matching the requirement for which the buyer purchased it, the buyer not needing the stock, etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"...
    559 Words | 2 Pages
  • Account - 727 Words
    Kudler Fine Foods initial business plan was to hire a consulting firm to assist in the selection and installation of a comprehensive Retail Management System (REMS). A consulting firm named Smith Consulting Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores. An accounting system is very important to a business because the company needs to know...
    727 Words | 2 Pages
  • Accounting: Accounts Receivable and Straight-line Depreciation Method
    Comprehensive Problem 1 c) Notes to the Financial Statements: 1. The company uses the straight-line depreciation method. The rental equipment is estimated to have a useful life of eight years. Thus, the monthly depreciation of the rental equipment is 240,000/96, or $2,500 per month. 2. The note payable to Rent-It is good for one year. $100,000 and the accumulated interest are due on November 30, 2012. The account payable for office supplies is due in thirty days, or January 2, 2012. The...
    262 Words | 1 Page
  • account - 647 Words
    The Accounting Cycle Accounting Cycle is an accounting process that involve a series of procedures in collection, processing, and communication of financial information. There are 7 basis steps of accounting cycle which comprise of source documents, prima entry, ledger, draft trial balances & financial statement, adjustments, adjusted trial balance & financial statement and closing entries. At first source documents, are things like invoice, credit note, debit note, cash...
    647 Words | 2 Pages
  • The Best Ways to Prevent Overdue Accounts Receivable and Accounts Payable
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  • Receivable Management in Indian Automaker Space
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